Mondi Group to acquire Duropack’s operations in Germany and the Czech RepublicPublication Date:
14 September 2012
As part of the dual listed company structure, Mondi Limited and Mondi plc (together “Mondi Group”) notify both the JSE Limited (“JSE”) and the London Stock Exchange of matters required to be disclosed under the JSE Listings Requirements and/or the Disclosure Rules and Transparency Rules and/or the Listing Rules of the United Kingdom Listing Authority.
Mondi Group has signed an agreement with Duropack GmbH (“Duropack”), for the acquisition of Duropack’s operations (the “Operations”) in Germany and the Czech Republic (the “Acquisition”), which consist of 2 corrugated box plants and one recycled containerboard mill. The two corrugated box plants consume approximately 130 thousand tonnes of containerboard per annum while the recycled containerboard mill is capable of producing 105 thousand tonnes per annum.
The consideration to be paid for 100% of the Operations amounts to EUR125m and will be paid in cash at completion. Mondi Group will assume approximately EUR5m net cash as of the same date, implying an enterprise value of EUR120m. For the year ended 31 December 2011, the Operations generated unaudited pro forma consolidated revenues of EUR160m and unaudited pro forma consolidated adjusted EBITDA of EUR23m.
The consideration payable for the Acquisition will be funded from existing resources available to Mondi Group. The Acquisition is in line with Mondi Group’s strategy to strengthen its leading market position in corrugated packaging in central and eastern Europe. The completion of the deal is conditional on the approval by the relevant competition authorities and other customary closing conditions.
Mondi is an international paper and packaging Group, with production operations across 28 countries and revenues of €5.7 billion in 2011. The Group's key operations are located in central Europe, Russia and South Africa and as at the end of 2011, Mondi employed 23,400 people.
Mondi is fully integrated across the paper and packaging process, from the growing of wood and the manufacture of pulp and paper (including recycled paper), to the conversion of packaging papers into corrugated packaging, industrial bags and coatings.
The Group is principally involved in the manufacture of packaging paper, converted packaging products and uncoated fine paper (UFP).
Mondi has a dual listed company structure, with a primary listing on the JSE Limited for Mondi Limited under the ticker code MND and a premium listing on the London Stock Exchange for Mondi plc, under the ticker code MNDI. The Group has been recognised for its sustainability through its inclusion in the FTSE4Good UK, Europe and Global indices since 2008 and the JSE's Socially Responsible Investment (SRI) Index since 2007.
(Incorporated in the Republic of South Africa)
(Registration number: 1967/013038/06)
JSE share code: MND ISIN: ZAE000156550
(Incorporated in England and Wales)
(Registration number: 6209386)
JSE share code: MNP ISIN: GB00B1CRLC47
LSE share code: MNDI
Sponsor in South Africa: UBS South Africa (Pty) Ltd
Last change: 11.11.2013